The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1887-03-02
INDUSTRIAL TOPICS.
It Is Much Easier for Farmers to
Contract Debts Than to Ac-
quire Means to Pay Them.
The Value of Garden Depends More on
the Quality Than on the Quantity
of the Seeds Sown.
Debts Drag Down.

A paper published ut SarcoNle, Mo-,
n few weeks ago, called attention to a
case of young farmer in Lawrence
county who last year bought self
binding harvester and gave chattel
mortgage to secure the payment. The
articles included in the mortgage were
a two-horse wagon, two plows' har-
row. a pair of horses and harness for
the same, aud the Irvine binder. Crops
were poor on the fam and in the vlcin-
iiy, and there was little work for the
self-binding harvester to do. Money
could not be raised to meet the debt,
and the mortgage was foreclosed. All
the articles were sold to satisfy the
Judgment that had been obtained. As
money was scarce in the place when
the sale was conducted. and as few
needed the articles that were offered at
the sheriff S sale, they only bought
enough to pay the debt and the cost OF
collecting it. The young and once
hopeful farmer was obliged to give up
the property that had taken him several
years to acquire, to relinqulsh his de-
sire TO carry on a farm on his own ac-
count, and to become hired man.
The implument-dcaler bid in the har-
vester that was nearly as good as when
sold, and will most likely sell it before
next harvest time to some tenant farm
CT who will mortgage all his personal
property to secure the promised pay
ment on t.
The publication of this story may
serve ito point moral, and 1t may
also serve the purpose of solemn
warning" to farmers who are tempted
to run in debt for expensive machines
and implements, Ordinary observa-
tons in any place show that it is much
easier to run into debt than 1t is to run
out of it, In fact, most persons very
slowly walk out of debt, If they have
the good fortune to get out at MI. In
most cases they stay in the clutches OF
debtors if they once get there. Es-
pecially Is this the case with farmers.
Crops in climate like ours are UNI
certain, and great risks attend the
raising of all kinds of stock. Cams on
farm are slow, even il there are no
accidents and no great misfortunes.
There is nothing surer. however, than
the coming of death, the annual visit OF
the tax collector, and the maturity of n
debt. A secured debt like time ans
tide, waits for no man" 1t has no
regard for misfortune ana no cons der
alton for bad seasons short crops. and
low prices. Interest accumulates dur
ing prolracted drought or season OF
floods Just us rapidly us il does during
the most favorable season. There are
always some prosperous persons in a
distressed agricultural community.
They are the men who loan money and
sell goods to farmers and take mort
cages to secure the payment.
Farmers generally pay very high in
terest COR the use of money. Especial
" is this the case in q region where the
farms are new. The smaller the
amount of Il farmer property the more
he is required TO mortgage to secure II
debt. All kinds of farm stocks are re-
garded rs poor security, us the animals
are liable TO be carried off by conta-
gious or ordinary diseases. Farming
implements are also regarded rs poor
security, as they are soon injured or
worn out by constant use and exposure.
Great risks attend loaning money on
growing crops, as they are likely 10 be
cut off by frost, drought, food or in
sects. In Il section of country where
mos: of the inhabitants are poor farm
ers, articles taken by the foreclosure of
mortgage can rarely ever be dispos-
ed of at n forced sale for anything like
their real value. as few have the ready
money TO pay for them. As this is the
case, money-loaners and dealers who
sell Implements and other articles on
credit demand what they consider to
be ample security. They demand high
rates of interest because there is little
competition and they know that they
can obtain almost anything they de-
mand Money never "goes begging"
in a portion of the country that is be-
Ing settled up as it frequently does in
great city.
OF course il is sometimes necessary
foi. farmer to run in debt in order to
carry on his business, but the incur
ment of obligations should be made on
w after due deliberation. Before a
farmer mortgages his place. stock, tools.
or crops, he should carefully consider
when, where. and how the money is to
come to discharge his obligations. He
should not contract debts with the
recklessness of gambler or aspecula-
tor. There is chance that these per-
sons may become rich suddenly, but
there is no such q chance for farmer.
although he is constantly running very
great risks. A gentleman who has long
resided in one of the most prosperous